The healthcare sector - particularly pharmaceuticals and biotechs - had a rough session on Wednesday after the president-elect promised to bring down drug prices.

Sporting sizable gains yesterday afternoon and again this session, the sector has recovered all of Wednesday's slide and more.

Up 1.15% today, the XLV has joined the broader market in the green for the week, as has the IBB. The SPDR S&P Pharmaceuticals ETF (XPH+1.5%) is having the best day of all, but remains marginally lower on the week.

Some companies will likely be allowed to repatriate billions of dollars of profits at a low tax rate. Major beneficiaries could include Nike (NYSE:NKE), Procter & Gamble (NYSE:PG), Caterpillar (NYSE:CAT), Visa (NYSE:V) and Mastercard (NYSE:MA).

Neuberger Berman's Joseph Amato says that a Trump administration will be better for stocks than bonds. "If [Trump] takes a measured approach and gets some level of concessions for U.S. workers, the trade concerns may be much ado about nothing," Amato says. "But that's a big if."

ABC News projects the Republicans will retain control of the House of Representatives.

Investors in the healthcare sector have been waiting on the election in order to gauge the likelihood of new legislation or gridlock. Earlier this week, Bloomberg assessed how the sector might react to the different scenarios from today's election.

Total spending on prescription drugs in the U.S. rose 12.2% to nearly $425B in 2015, continuing a steep climb fueled by the introduction of expensive new drugs for cancer and infections, as well as price hikes for older drugs.

The annual report from IMS Health is likely to further fuel the fire of criticism from politicians, healthcare providers, and patients, stating medicines are out of reach and straining budgets.

It's been a "remarkable turn" in relative performance, says Deutsche Bank's David Bianco, noting health care was about 1K basis points ahead of the S&P 500 as recently as mid-August, but both are now about flat and neck-and-neck year-to-date."We find this reversal unwarranted and think health care could surge into year-end," says Bianco, and if the move doesn't come in 2015, it'll surely happen next year. As for valuation, health care is selling for 14.7x 2016E EPS vs. the S&P 500 at 16x - this even as health care's expected 6% sales growth should easily trump that of nominal GDP and the S&P 500. Biano sees 6-9% EPS growth, also better than the S&P.

Focus on the big picture, says Bianco: "We believe growth in health care products will stay strong owing to an aging population and increasing efforts to treat conditions with drugs and maximize the productivity of scarce healthcare labor with as many tools and conveniences as conceivable." He likes S&P 500 biotech, pharma, devices, equipment, supplies, tech, and tools, but is cautious on managed care and other healthcare services and facilities.

Getting out in front of what should be more bashing of their business models at the Democratic debate tonight, the healthcare names (XLV-1.3%) have about doubled the decline in the S&P 500. Within healthcare, it's the biotechs (IBB-3.1%) and pharmaceuticals (XPH-3.2%) leading the way south.

A sharply lower healthcare sector (XLV-3%) has dragged the S&P 500 (SPY-0.2%) into the red and the Nasdaq (NASDAQ:QQQ) down a full 1%. The Dow (DIA+0.4%) remains higher, courtesy of a post-earnings 9% moonshot in Nike.

Democratic presidential candidate Hillary Clinton is scheduled to outline a plan to rein in prescription drug costs in Iowa later today, after vowing on Twitter to go after "price-gouging" by drug companies.

Several details of the new plan have been provided by the Clinton campaign ahead of the speech: A $250 monthly cap on the amount chronic pain patients would have to pay for prescription medications, approving more generic/imported drugs, forcing pharmaceutical companies to reinvest their profits into R&D and ending their ability to write off consumer advertising as a business expense.

The iShares Nasdaq Biotechnology Index Fund (IBB-5%) is down on increased volume, as well as many other ETFs and individual stocks, in apparent response by a tweet by presidential candidate Hillary Clinton stating that price gouging in the specialty drug market is outrageous. Tomorrow, she will "lay out a plan" to take it on.

The ProShares UltraPro Nasdaq Biotechnology ETF (NASDAQ:UBIO) and the UltraPro Short Nasdaq Biotechnology ETF (NASDAQ:ZBIO) open for business on the Nasdaq today. They join other ProShares biotech ETFs, BIB and BIS.

The BioShares Biotechnology Clinical Trials Fund (NASDAQ:BBC) will track an index of biotechnology companies with a principal focus on running human clinical trials, while the BioShares Biotechnology Products Fund (NASDAQ:BBP) will cover biotechnology companies with one or more drugs approved by the FDA and in commercial production.

Both ETFs feature an equal weight index strategy, giving smaller firms a chance to make a meaningful impact on fund movements.

“Our BioShares funds are designed with the current biotechnology market in mind and offer investors unique and diversified portfolios of entrepreneurial biotechnology stocks by applying our rules-based index methodology,” said LifeSci Index Partners co-founder, Paul Yook in a statement.